EMCOR Group, Inc. $EME Shares Purchased by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. boosted its position in EMCOR Group, Inc. (NYSE:EME) by 0.8% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 99,052 shares of the construction company’s stock after buying an additional 794 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in EMCOR Group were worth $74,734,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new position in shares of EMCOR Group during the 2nd quarter worth approximately $3,416,412,000. First Trust Advisors LP increased its position in EMCOR Group by 7.3% during the first quarter. First Trust Advisors LP now owns 630,406 shares of the construction company’s stock worth $465,435,000 after buying an additional 42,949 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in EMCOR Group by 9.0% during the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 416,734 shares of the construction company’s stock worth $345,839,000 after buying an additional 34,358 shares in the last quarter. Deutsche Bank AG purchased a new stake in shares of EMCOR Group in the second quarter valued at $342,273,000. Finally, Value Aligned Research Advisors LLC lifted its position in shares of EMCOR Group by 56.6% in the second quarter. Value Aligned Research Advisors LLC now owns 349,960 shares of the construction company’s stock valued at $290,425,000 after acquiring an additional 126,439 shares in the last quarter. 92.59% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the company. Weiss Ratings downgraded EMCOR Group from a “buy (b)” rating to a “buy (b-)” rating in a research report on Thursday, August 27th. Zacks Research lowered EMCOR Group from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 19th. DA Davidson set a $1,047.00 price target on shares of EMCOR Group in a report on Monday, August 10th. Cantor Fitzgerald lowered their price target on shares of EMCOR Group from $1,047.00 to $920.00 and set an “overweight” rating on the stock in a report on Monday. Finally, UBS Group restated a “buy” rating and issued a $1,065.00 price target (up from $975.00) on shares of EMCOR Group in a research report on Friday, October 9th. Seven research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $951.86.

EMCOR Group Trading Up 3.3%

EME stock opened at $705.44 on Wednesday. The firm’s 50-day moving average price is $739.61 and its two-hundred day moving average price is $779.84. The stock has a market capitalization of $30.88 billion, a price-to-earnings ratio of 20.38 and a beta of 1.16. EMCOR Group, Inc. has a 12-month low of $564.92 and a 12-month high of $951.96.

EMCOR Group (NYSE:EME) last released its quarterly earnings results on Thursday, October 29th. The construction company reported $9.60 earnings per share (EPS) for the quarter, beating the consensus estimate of $8.37 by $1.23. EMCOR Group had a return on equity of 36.65% and a net margin of 7.78%. The business had revenue of $5.54 billion during the quarter, compared to analyst estimates of $5.19 billion. During the same quarter in the previous year, the company posted $6.57 earnings per share. EMCOR Group’s revenue for the quarter was up 28.8% on a year-over-year basis. Equities analysts predict that EMCOR Group, Inc. will post 35.13 EPS for the current year.

EMCOR Group Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, October 30th. Investors of record on Thursday, October 15th were paid a dividend of $0.40 per share. The ex-dividend date was Thursday, October 15th. This represents a $1.60 annualized dividend and a yield of 0.2%. EMCOR Group’s payout ratio is presently 4.62%.

EMCOR Group announced that its board has initiated a share repurchase plan on Thursday, October 29th that permits the company to buy back $500 million in outstanding shares. This buyback authorization permits the construction company to repurchase up to 1.7% of its shares through open market purchases. Stock buyback plans are typically an indication that the company’s board believes its stock is undervalued.

About EMCOR Group

EMCOR Group, Inc provides construction, engineering, and building services through a network of specialty contracting businesses. Its core activities include electrical and mechanical construction, energy infrastructure, building systems, facilities services, and industrial maintenance. The company serves commercial, institutional, industrial, manufacturing, healthcare, education, government, and infrastructure customers.

Its services cover the design, installation, operation, maintenance, and upgrading of electrical, heating, ventilation, air-conditioning, plumbing, fire protection, and building automation systems.